As we wave goodbye to 2024 and usher in the promises of 2025, the Medics’ Money team reconvenes with their annual tradition—setting financial New Year’s resolutions. In this latest podcast, while Ed is hard at work, the team delves into their personal resolutions and shares valuable financial strategies for the new year.
A New Tradition of Financial Wisdom
Every year, the Medics’ Money podcast sets aside a special episode to guide listeners through financial New Year’s resolutions. This year, the team, slightly dispersed with Ed and Sanay absent, shared their insights and plans, with the transformative magic of editing ensuring Ed still makes an appearance.
Financial Resolutions: A Glimpse into the Minds of Financial Experts
Cyra’s Strategy on Emergency Funds
Cyra, a chartered accountant and a doctor, focuses her resolution on maximizing the utility of her emergency fund while keeping it liquid. After considering risky methods like using a credit card, she identifies the offset mortgage as a brilliant solution. It allows for accessible emergency funds while reducing mortgage interest—a savvy financial move she plans to execute this year.
Matthew’s First-time Buyer Ambitions
Matthew shares his journey as a prospective first-time buyer, emphasizing the importance of Lifetime ISA contributions. Encouraging others in similar positions, he highlights the benefits of contributing up to £4,000 annually, which the government tops with a 25% bonus, aiding either home purchase or future retirement.
Andy’s Quest for Something New
With an enviable position nearing the end of his career, Andy seeks to embark on new ventures in 2025. His resolution is inspired by the diverse experiences within the Medics’ Money team, encouraging professionals at any career stage to continuously seek new opportunities and education.
Ed’s Overpayment Strategy and Direct Debit Insight
Although absent during the live discussion, Ed shared his commitment to continue overpaying his mortgage this year. Faced with the end of his fixed-rate term, Ed considers offset mortgages, offering both flexibility and financial efficiency. He encourages listeners to review and optimize direct debits, sharing his personal story of reducing unnecessary insurance payments after the loss beloved Medics’ Money pet and team member, Dante.
General Financial Tips for All
1. Automate Your Finances:
Tommy stresses the importance of automating savings and investments. By making financial habits automatic, such as setting up direct debits for savings, one can achieve goals effortlessly.
2. Conscious Spending:
The team emphasizes the value of small savings, like bringing a packed lunch to work, which can accumulate significantly over time, optimizing your overall financial health.
3. Credit Score Awareness:
Matthew advises keeping an eye on credit scores, especially for those planning major purchases like a home. Techniques include maintaining electoral register status and responsible credit card use.
Final Thoughts: Educate Yourself
Andy concludes with a powerful reminder of the importance of financial education. Especially in professional realms like the NHS, understanding finances is crucial for personal stability and effective resource management. He advocates for broader educational support in this area as vital for greater systemic success. The Medics’ Money team invites you to join their educational programs and resolve to be better informed and prepared for your financial future. As we step into 2025, let these resolutions inspire you to take charge of your finances and make this year your most successful yet.
Happy New Year!
The Medics’ Money team wishes you a financially savvy, prosperous 2025. Keep an eye out for upcoming content designed to boost your financial wellbeing throughout the year.
